Accounting Chapter 2 terms – Flashcards
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Account
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a detailed record of all increases and decreases that have occurred in a particular asset, liability, or equity during a period of time
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Ledger
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the record holding all the accounts of a business, the changes in those accounts, and there balances
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Compound Journal Entry
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a journal entry that is characterized by having multiple debits and/or multiple credits
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Journal
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a record of transactions in date order
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Debit
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left side of the t-chart
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normal balance
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side of an account when increases are recorded
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posting
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transferring amounts from the journal to the ledger
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credit
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right side of the t-chart
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trial balance
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a list of all accounts with their balances at a point in time
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chart of accounts
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a list of all accounts with their account numbers
